Truth in Savings

SF Fire Credit Union offers savings, checking, term investment, and individual retirement (IRA) accounts. The dividend rates and annual percentage yields (APYs) designated may change at any time at the discretion of the Credit Union’s Board of Directors.

Deposit Insurance

SF Fire Credit Union is not federally insured and if it were to fail, the federal government does not guarantee that depositors will get back their money.

Dividend Rates

The dividend rate and Annual Percentage Yield on our share and certificate accounts are stated on the Current Rates page. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period.

Savings (Share) Accounts Regular Savings

Minimum Balance Requirements: No minimum balance required.

Compounding and Crediting of Dividends: Dividends will be compounded and credited monthly on the last calendar day of the month. No dividends are paid for any day that the balance is $0.00.

Balance Computation: Dividends are calculated by the daily balance method, which applies a periodic rate to the balance in the account each day.

Holiday Savings

Minimum Balance Requirements: The minimum deposit required to open a Holiday Savings Account and the minimum amount of any subsequent deposit is $5.00.

Transaction Limitations: The Holiday Savings account may be opened at any time. The balance of the account including dividends will be distributed by check or transfer on the first of November each year. No withdrawals may be made after the account is opened. If a withdrawal is made the account will be closed and accrued dividends will be forfeited. This account is not accessible by ATM, Tellerline or Online Banking.

Dividends do not compound: Dividends will be credited at the time of distribution of funds. The dividend period varies depending on when the account is opened.

Balance Computation: Dividends are calculated by the daily balance method, which applies a periodic rate to the balance in the account each day.

Pledging Funds: No funds in the account may be pledged by any or all of the owner(s) as collateral security to any loan(s).

Tiered Savings

Minimum Balance Requirement: No minimum balance is required.

Dividend Rate and Annual Percentage Yield: The Tiered Savings account is a tiered account. The rate and APY for a particular tier is paid on the full balance in the account.

Compounding and Crediting of Dividends: Dividends will be compounded and credited monthly. Dividends begin to accrue on the day after your deposit and continue to accrue through the day of withdrawal.

Transaction Limitations: You may make unlimited deposits to your Money Market account. During any calendar month, you may not make more than six (6) withdrawals or transfers to another account or to a third party by means of a pre authorized transfer, telephone transfer, or data transmission request. Any transfers or withdrawals through ACH, Tellerline, or Online Banking are included in the six transfers or withdrawals.


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Payroll Shares Account

Minimum Balance Requirements: There are no minimum balance requirements for the Payroll Shares Account.

Compounding and Crediting of Dividends: Dividends will be compounded and credited monthly on the last calendar day of the month. No dividends are paid for any day that the balance is $0.00.

Transaction Limitations: With the exception of loan payments, transfers out of this account are prohibited. The account is not accessible by ATM, Tellerline, or Online Banking.

Checking Accounts (Share Draft)

Merchant Checking

Minimum Balance Requirements: No minimum balance is required.

Non-Dividend Bearing: The Merchant Checking account is non-dividend bearing account.

Overdraft Fees: Fee applies to overdrafts created by check, in person, withdrawal, or other electronic means.

Share Draft Checking

Minimum Balance Requirements: There is no minimum deposit and balance required to open and maintain a Share Draft Checking account.

Compounding and Crediting of Dividends: Dividends will be compounded and credited monthly on the last calendar day of the month.

Balance Computation: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Overdraft Fees: Fee applies to overdrafts created by check, in person, withdrawal, or other electronic means.


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Term Investment Accounts

3-Month through 60-Month Term Investments

  • The minimum balance required to open a regular term investment account is $250.

3-Month through 1-Year Jumbo Term Investments

  • The minimum balance required to open a Jumbo Term Investment account is $100,000.

18-Month Bump-Up Term Investment

  • This term investment grants you the right to increase the rate one time, anytime during the term in an event of an interest rate hike. A request for the bump-up can be made in person or by phone.
  • The minimum balance required to open a Bump-Up term investment account is $250.

Terms Applicable to all Term Investment Accounts

Maturity Date: The maturity date will be stated on the certificate provided to you at the time of opening your account.

Dividend Rate and Annual Percentage Yield: With the exception of the “Bump-Up Certificate”, term investment accounts are fixed-rate accounts. You will be paid the rate and Annual Percentage Yield (APY) disclosed at the time of opening your account until maturity of the account.

The Annual Percentage Yield (APY) is based on the assumption that dividends will remain on the deposit until maturity. If you make a withdrawal from your account, your earnings will be reduced.

Compounding and Crediting of Dividends: Dividends will be compounded and credited monthly and at maturity. You may withdraw dividends earned on a monthly basis.

Balance Computation: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Transaction Limitations: You may not make deposits into your fixed-rate Term Investment account before maturity. You may withdraw dividends from your account. Upon maturity, any credited dividends become part of the principal and may no longer be withdrawn as dividends in any subsequent term of the account.

Renewal of Account and Grace Period: Your term investment account will automatically renew at maturity for the same time as the original term. You will have a grace period of 10 business days after the maturity date in which to change the term of your account or prevent renewal by withdrawing all of the funds in your account without Credit Union penalty.

Early Withdrawal Penalties: We may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be as follows:

  • If the term of the account is one year or less, you will forfeit an amount equal to all dividends for 45 days on the amount withdrawn, or
  • If the term of the account is greater than one year, you will forfeit an amount equal to all dividends for 90 days on the amount withdrawn

NOTE: If the withdrawal and/or assessment of penalties reduces the balance below the minimum balance, the account will be closed and transferred to any share account.


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Individual Retirement Accounts (IRA) 1-Year to 5-Year IRA Terms

Minimum Balance Requirements: The minimum balance required to open an IRA Term Investment is $500.

Maturity Date: The maturity date will be stated on the certificate provided to you at the time of opening your account

Dividend Rate and Annual Percentage Yield: The IRA Term Investment accounts are fixed rate accounts. You will be paid the rate and Annual Percentage Yield (APY) disclosed at the time of opening your account until maturity of the account.

The Annual Percentage Yield (APY) is based on the assumption that dividends will remain on deposit until maturity. If you make a withdrawal from your account, your earnings will be reduced.

Compounding and Crediting Requirements: Dividends will be compounded and credited monthly and at maturity.

Dividend Computation: Dividends are calculated by the daily share balance method which applies a daily periodic rate to the balance in the account each day.

Transaction Limitations: You may not make deposits into these IRA Term Investments Accounts. Withdrawals may be taken from your account according to the terms of the particular account chosen. You may withdraw credited dividends from your account without Credit Union penalty, although a federal tax penalty may be assessed. Upon maturity, any credited dividends become part of the principal and may no longer be withdrawn as credited dividends in any subsequent term of account.

Early Withdrawal Penalties: For your IRA Term Investment account and Periodic Deposit 18-Month IRA, we may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be as follows:

  • If the term of the account is one year or less, you will forfeit an amount equal to all dividends for 45 days on the amount withdrawn, or
  • If the term of the account is greater than one year, you will forfeit an amount equal to all dividends for 90 days on the amount withdrawn
  • If the amount withdrawn reduces the account balance below the required minimum balance of a Term Investment account, the above Credit Union penalties will be applied to the entire account balance and the account will be converted to an IRA Regular Savings Accounts.

Renewal of Account: Your IRA Term Investment will automatically renew at maturity for the same time as the original term unless you prevent renewal by withdrawing all of the funds in your account at maturity or within.


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Variable Rate IRA 60-Month

Minimum Balance Requirements: The minimum balance required to open a Variable Rate IRA is $500.

Maturity Date: The maturity date will be stated on the certificate provided to you at the time of opening your account.

Dividend Rate and Annual Percentage Yield: The 60-Month IRA is a variable rate Term Investment account. The dividend rate and yield are based on the Wall Street Journal monthly average for the 91-day Treasury bill and can adjust quarterly.

The Annual Percentage Yield (APY) is based on the assumption that dividends will remain on deposit until maturity. If you make a withdrawal from your account, your earnings will be reduced.

Compounding and Crediting Requirements: Dividends will be compounded monthly.

Balance Computation: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.

Transaction Limitations: You may make deposits into your 60-Month IRA variable rate IRA account in the amount of $500 or more. You may withdraw credited dividends from your account without Credit Union penalty, although a federal tax penalty may be assessed. Upon maturity, any credited dividends become part of the principal and may no longer be withdrawn as credited dividends in any subsequent term of account.

Renewal of Account/Grace Period: Your 60-Month IRA Term Investment account will automatically renew at maturity for the same time as the original term. You will have a grace period of 10 business days after the maturity date in which you may change the term of your account or prevent renewal by withdrawing all the funds in your account without Credit Union penalty.

Savings IRA Accumulation Account

Minimum Balance Requirements: The minimum balance required to open a Savings IRA Accumulation account is $25.

Compounding and Crediting Requirements: Dividends will be compounded and credited monthly.

Balance Computation: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.

Transaction Limitations: You may make deposits into your Savings IRA Accumulation account at anytime. You may withdraw credited dividends from your account without Credit Union penalty, although a federal tax penalty may be assessed.


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